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conomy

OBAMA
More government spending is needed to create jobs and safeguard those in need
Government spending: Hold federal spending at 24% of GDP
Income tax: Raise taxes on those earning more than $250,000 a year from 25% to 39%
Corporate tax: Cut from 35% to 28%
Budget defecit: Cut federal busget defecit from 8.5% in 2012 to 3%

International Trade
Obama has been cautious on free trade so far due to pressure from Democratic Party and unions, but may be free to make bold moves in second term
Asia: Trans-Pacific Partnership, a trade pact currently involving 11 states (excluding China), likely to be signed, despite fears of US job losses
Europe: Will decide in December 2012 whether to pursue free trade agreement with Europe
ROMNEY
Reduce the role of government in the economy in order to spur on private enterprise and create jobs
Government spending: Cut federal spending from 24% of GDP to less than 20%
Income tax: Cut taxes on those earning more than $250,000 a year from 35% to 28%
Corporate tax: Cut from 35% to 25%
Budget defecit: Achieve a balanced budget in 8 - 10 years

International Trade
Romney is likely to pursue an aggressive pro-trade agenda, focusing on the bilateral free trade agreements, at the expense of WTO negotiations
Asia: Trans-Pacific Partnership will be pursued, as it is consistent with Romney's pro-trade/tough on China worldview
Europe: Will pursue a free trade agreement with Europe
Other plans: Romney has proposed a 'Reagan Economic Zone' among nations 'genuinely committed' to open-market principles

Defence and Development Aid

OBAMA
Continued emphasis on small-scale, targeted use of force, such as through cyber attacks, drones or special force
Defence Spending: Cut from 4.6% of GDP to 2.9% by 2017
Foreign aid: push development assistance as a more active tool of foreign policy, if Congress will find the money. Favours the 'civilian surge' and 'smart power'
Iran: Obama has kept the use of military force on teh table, but his preference for cyber weapons (such as the Stuxnet sabotage program) likely to come
Afghanistan: Pull out most troops by end of 2013 ROMNEY
Expand conventional military as part of 'more assertive' military posture. Build more ships to project power
Defence Spending: Maintain a minimum 4 per cent of GDP, leading to increase in spending of $2.1 trillion over 10 years
Democracy Promotion: Method of engagement unclear, given opposing views in Repuibican Party
Foreign aid: Romney's party would cut back on development assistance, but his Mormon ethic of service pulls in the opposite direction. Cutbacks possible for Egypt and Pakistan
Iran: Rhetoric suggests he would be more likely to engage militarily to prevent Iran becoming a nuclear-weapon power, assuming the support of allies
Afghanistan: Ambiguous about the 2014 pull-out deadline
China

OBAMA
Maintain George W. Bush's strategy of 'hedging and engagement', with the emphasis on the latter
Economy: Focus will be on collaboration not sanctions
Cyber security: Engage China on standards to limit hacking and espionage
International regimes: Encourage greater Chinese engagement in the World Trade Organization and the G20
'Pivot' to Asia: Maintain the policy, but ensure it is not percieved as directed against China

ROMNEY
Focus likely to be on opening up the Chinese market to US companies, with a harsher tone than Obama
Economy: Will label China a currency manipulator on first day of presidency if the renminbi remains 'undervalued'
Cyber security: Business focus will lead to pressure on China over corporate hacking and theft of intellectual property rights
International regimes: Focus on China's actions in international institutions and its support of international norms